Songbird Estates, the majority owner of London's Canary Wharf, said on Friday that its net asset value has dropped by 21.2% in the course of the first six months of the year, from £2.35bn at end-December 2007 to £1.85bn at the end of June this year. The company added that the value of its property portfolio fell by 9.6% (or £548mln) in the first half from £7.27bn at the end of 2007 to £6.72bn at end-June.
As Ares completed a €325 mln French logistics acquisition from Blackstone, another French portfolio came onto the market.
